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Tecmo rejects Square Enix buyout, looks to Koei

Tecmo's response to Square Enix

When last we heard, game developer Tecmo, who has fallen on hard times, was facing a “friendly takeover” by RPG giant Square Enix – who was offering to purchase the majority of Tecmo’s stock at 30% over market value. Earlier this week, Tecmo announced that it was rejecting Square Enix’s proposed buyout in favor of a merger agreement with developer Koei (Dynasty Warriors). Both Tecmo and Koei have expressed their desire to strengthen and maintain their corporate identity and believe that this merger will help do just that.

In response, Square Enix issued an inquiry to Tecmo as to why their offer was rejected, to which Tecmo supplied no response. Square Enix has since officially withdrawn their offer, along with a follow up offer to buy up Tecmo of $206 million which expired Thursday. Tecmo also announced that it has finally settled its lawsuit with Hiroaki Ozawa and Tatsuki Tsunoda of Team Ninja, who were suing the company over missed over-time pay, though official details on that settlement are unavailable.

With one suit down and Tecmo on the upswing, all that remains is to settle the disputes with former employee Tomonobu Itagaki.

[via Gamasutra, Kotaku]

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    Maxwell has been a gaming enthusiast since the days of Sonic the Hedgehog 2 for the Genesis. While currently an advertising major, he has high hopes of writing professionally about this digital time waster we love so much. He considers himself an easy going guy and will try just about anything with an open mind. Most of his gaming time is split between the PC and 360, though he does enjoy all of the major consoles. His favorite genre would be either fighters or turn-based strategy titles, while conversely harboring a dislike for most MMORPGs.

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